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Impact Of Big Data & Data Science In The Financial & Communication Sector

It is a well known fact that Big Data is one of the major essential commodities that helps in the business development process. To make the most out of their existing reserves of Big Data, enterprises across various sectors rely heavily on the applications of Data Science. Experts in Data Science are very much capable of interpreting with data of any format & size. Having knowledge of advanced analytical tools & algorithms, these analytics professionals can help the enterprises in converting their Big Data reserves into actionable insights that can be used as a part of their Business Intelligence process.

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Now, let’s look at the applications of Big Data & Data Science across various domains.

  • Big Data & Data For Financial Services

Enterprises in the financial sector will be generating large volumes of data as a part of their day-to-day business process. Several Banking Enterprises, Insurance Agencies, Financial Firms, Investment Banks & several other organizations make use of Big Data & analytics to better manage their financial services.  By analyzing their Big Data reserves with the help of Data Science, these enterprises can gain insights to

  • Customer analytics
  • Compliance analytics
  • Fraud analytics
  • Operational analytics
  • Big Data & Data Science in Communication

Big Data & Data Science will be playing a crucial role in the Communication sector. The common challenges for the enterprises in the communication sector would be gaining new subscribers, retaining customers, delivering customer satisfactory service, etc. These enterprises are subjecting their Big Data reserves to analytical models in Data Science to find accurate solutions to all these challenges.

Enterprises in this sector will be having a lot of data in hand in the form of customer generated data & machine generated data. Data Science helps these enterprises to explore the benefits of Big Data to its full potential thereby helps them to scale & grow.

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